Santa Barbara County drivers should watch for an increase in gas prices this week as the war with Iran continues to rattle global markets and drive up the price of oil.
Oil surpassed $100 per barrel Monday morning for the first time since Russia’s invasion of Ukraine in 2022. Prices have settled down to $95.57 as of noon Monday.
The California average gas price ticked up 45 cents on Monday, per the American Automobile Association (AAA). This follows an already week long uptrend in prices.
In Santa Barbara County, average gas prices have reached $5.111, up 53 cents since last Monday.
These latest prices are just over a dollar short of the record high in Santa Barbara County which was $6.387 a gallon in October of 2022.
The United States and other G7 countries met to discuss the potential release of oil reserves to counter the surge in prices, but have decided to hold off for now, according to Reuters.
On Sunday, President Donald Trump posted on Truth Social that oil prices “will drop very rapidly” following the destruction of Iran’s nuclear threat. President Trump added that the rise in prices “is a very small price to pay.”
As of Monday afternoon, the president has not made a clear indication as to when the war will end. However, Trump told CBS News in a phone interview that the war is “very much complete.”
What do you think of the increase in gas prices? Or have you felt a different impact from the war in the Middle East? The News-Press would like to hear from you. Contact us at editor@newspress.com
Check out the News-Press’ video about gas prices.
